Commodities
Oil Glut Will Expand in 2026 as OPEC Output Rebounds, EIA Says
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Global oil markets will face a widening glut in 2026 as OPEC brings back production and output from the US, Canada and Guyana continues to grow, the US government said in its first set of forecasts for next year.
World oil markets are expected to average a surplus of 800,000 barrels a day in 2026, the Energy Information Administration said Tuesday. That’s more than twice as large as the 300,000 barrel-a-day surplus the agency projects for this year. The EIA had forecast a small supply deficit this year in last month’s report.